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president obama and house speaker john boehner talked by phone today about the so-called fiscal cliff-- those tax hikes for most americans and massive spending cuts that will kick in the first of the year unless two strike a budget deal. a republican source tells us that the president has cut his demand for more tax revenue from $1.6 trillion to $1.4 trillion, but the source said that the lower figure is no more acceptable to republicans. but the negotiations continue in private. the united states has a lot at stake in the syrian civil war. president obama has suggested that american firepower might be needed to prevent the dictatorship from using chemical weapons. we've learned that tomorrow the administration will endorse one of the rebel groups that is now fighting to overthrow bashar al- assad. who are these new american allies? clarissa ward found their leader in brussels. >> reporter: moaz al-khatib is the man chosen to lead a newly formed coalition of syria's opposition groups. what does it mean to be recognized by the u.s.? "the u.s. administration has big influence globally"
president obama and house speaker john boehner talked by phone today about the so-called fiscal cliff-- those tax hikes for most americans and massive spending cuts that will kick in the first of the year unless two strike a budget deal. a republican source tells us that the president has cut his demand for more tax revenue from $1.6 trillion to $1.4 trillion, but the source said that the lower figure is no more acceptable to republicans. but the negotiations continue in private. the united...
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. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, we say there's no prospect for an agreement that doesn't involve those tax rates going up. remember, it's 2%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could start soon, but now we learn that a lot of members of congress are heading out on a long weekend, not to return till tuesday. this as the impasse here on capitol hill continues and the nation waits. social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at the end of the year as part of the fiscal cliff. >> we don't want to see our public hurt in any
. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, we say there's no prospect for an agreement that doesn't involve those tax rates going up. remember, it's 2%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal...
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with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $40,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, there is a code of silence the white house and speaker boehner's try to apply to these phone conversations, releasing as few details as possible to protect the underlying negotiations. nevertheless, cbs news has learned the following: the speaker and the president spoke before treasury secretary geithner's comments about going over the cliff. the conversation was described as brief, meaning shorter than the 28-minute conversation speaker boehner and the president had last week. also those familiar with the conversation tell me-- or do not used words like "curt," "frank" and "direct" meaning it wa
with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $40,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, there is a code of silence the...
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cliff." across-the-board spending cuts and tax increases as we all know will kick in if a budget agreement isn't reached by the end of the month. the president also met with ceos of some of the nation's largest companies hoping to convince them of the need for higher tax rates at upper income levels. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering but, rather, because we need to raise a certain amount of money. >> house majority leader eric cantor says more needs to be done about spending right now. >>> meanwhile, public policy polling conducted an unusual survey to test american knowledge about debt reduction policy. people were asked what they thought of the panetta burns planning, something that doesn't even exist. one-fourth of the people took a stance on it anyway. 8% are in support by golly. 17% opposed. >> that's right. it's important to do research. >> absolutely. >> do your homework. >>> apple stock is coming off one of its worst sections on
cliff." across-the-board spending cuts and tax increases as we all know will kick in if a budget agreement isn't reached by the end of the month. the president also met with ceos of some of the nation's largest companies hoping to convince them of the need for higher tax rates at upper income levels. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering but, rather, because we need to raise a certain amount of money. >> house majority leader...
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cliff. a series of tax increases and spending cuts due to kick in at the end the year. >> god bless us, everyone. >> reporter: speaker boehner offered the republican proposal this week and now he faces opposition from president obama. >> the speaker's proposal is out of balance. >> reporter: some in his own party are lining up against him. jim demint a tea party leader said speaker boehner's $800 billion tax hike will destroy american jobs and allow politicians in washington to spend even more. disagreements among republicans and democrats here on capitol hill is nothing new, but tuesday a republican aide told us the two sides aren't even talking. not surprisingly the white house disagrees. >> i can guarantee you conversations continue at different levels. and among different groups. >> reporter: both parties are ready to play the blame game in case negotiations fail. >> there's only one person out of 370 million americans who can sign something into law and that's the president. >> 60% of a
cliff. a series of tax increases and spending cuts due to kick in at the end the year. >> god bless us, everyone. >> reporter: speaker boehner offered the republican proposal this week and now he faces opposition from president obama. >> the speaker's proposal is out of balance. >> reporter: some in his own party are lining up against him. jim demint a tea party leader said speaker boehner's $800 billion tax hike will destroy american jobs and allow politicians in...
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here at home, we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports, the back- and-forecast showed no sign of letting up today 20 white house and republicans in congress. dr reporter: in his saturday weekly address, president obama nignaled he is open to making cuts on programs like medicare agd medicaid if republicans atree to raise tax rates for the rich. fini'm willing to find ways to cing down the cost of health care without hurting seniors and dther americans who depend on it. and i'm willing to make more entitlement spending cuts on top of the $1 trillion in spending duts i signed into law last year. >> reporter: his remarks came one day after house speaker john aehner announced the talks were stalled. >> well, this isn't a progress report because there's no progress to report. >> reporter: his democratic counter-part, nancy pelosi, blamed boehner for the stalemate. >> what they offered in return nas an empty letter, lacking in the fics. 3 dreporter: such is the state of negot
here at home, we are just over three weeks away from falling over the so-called fiscal cliff, that combination of tax increases and deep federal spending cuts. nancy cordes reports, the back- and-forecast showed no sign of letting up today 20 white house and republicans in congress. dr reporter: in his saturday weekly address, president obama nignaled he is open to making cuts on programs like medicare agd medicaid if republicans atree to raise tax rates for the rich. fini'm willing to find...
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. >>> if the mayan calendar doesn't get us we're due to fall of the fiscal cliff. tonight each side insists the other party's plan is impossible. they're dismissing the president's proposal. democrats complain the gop plan is way too vague. the president won't sign anything that doesn't increase taxes for the wealthy. the gop counter offer calls for raising 800 billion in revenue without raising tax rates. >> if washington can't reach a deal cbs reporter jim axle rod says your paycheck is going to feel it. >> the payroll tax cut has given this family an extra $70 a month to spend. >> are you paying attention to what's going on in washington right now. >> of course we are. >> their 50,000-dollar a year income puts them in the middle of american households if the payroll tax cut is not extended those families would pay an average of $1,035 a year more in social security taxes. >> do you have room to cut back. >> no, sir i don't. i guess if i do some type of magic like we do every month. >> if the tax cut expires paycheck contributions will go from 4.2 percent to 6.2
. >>> if the mayan calendar doesn't get us we're due to fall of the fiscal cliff. tonight each side insists the other party's plan is impossible. they're dismissing the president's proposal. democrats complain the gop plan is way too vague. the president won't sign anything that doesn't increase taxes for the wealthy. the gop counter offer calls for raising 800 billion in revenue without raising tax rates. >> if washington can't reach a deal cbs reporter jim axle rod says your...
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we can't sit here and negotiate with ourselves. >> still no face-to-face talks on that "fiscal cliff." >> there will be no deal without a compromise on taxes. >> state lawmakers fixing their cars on your dime. >> as a taxpayer, you know, it's my money going to it so it's certainly frustrating. >> oakland police fend off the feds. >> most importantly, what they avoid is a complete federal takeover something that would be an embarrassment for the city. >> i have documentation that proves the intense corruption at all levels of the belizian government. >> busted and heading back to belize. silicon valley tycoon john mcafee is now under arrest. >> the dungeness crab season just got started and already, the boats are idle. >> from across the bay -- >> it's just imagine cal for me. >> -- to around the world, the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald captions by: caption colorado comments@captioncolorado.com >>> good morning, it's thursday, december 6. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 6:30 on t
we can't sit here and negotiate with ourselves. >> still no face-to-face talks on that "fiscal cliff." >> there will be no deal without a compromise on taxes. >> state lawmakers fixing their cars on your dime. >> as a taxpayer, you know, it's my money going to it so it's certainly frustrating. >> oakland police fend off the feds. >> most importantly, what they avoid is a complete federal takeover something that would be an embarrassment for the...
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cliff." the president and house speaker john boehner talked on the phone last night. the white house lowered the amount of revenue it wants to generate from taxes. republicans say they are still waiting to hear from the president about spending cuts. >>> today the federal reserve is expected to announce a revamped bond buying plan to help boost the economy. the fed's goal is to keep interest rates low and encourage individuals and companies to borrow and spend. experts say that could at least soften the blow from tax increases and spending cuts that will all kick in next month if they don't reach a budget deal. >>> a san francisco-based bank loses its top spot as far as keeping its customers happy. wells fargo has slipped to second place behind jpmorgan chase when it comes to customer satisfaction among big banks. it's the first time in a decade that wells fargo has not ranked number one in the american customer satisfaction index. bank of america's rating is also down to a ten-year low. >>>
cliff." the president and house speaker john boehner talked on the phone last night. the white house lowered the amount of revenue it wants to generate from taxes. republicans say they are still waiting to hear from the president about spending cuts. >>> today the federal reserve is expected to announce a revamped bond buying plan to help boost the economy. the fed's goal is to keep interest rates low and encourage individuals and companies to borrow and spend. experts say that...
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. >>> the "fiscal cliff" is fast approaching but the stalemate in washington continues. the white house is still demanding tax hikes on the top 2% but president obama did lower the amount from 1.6 to $1.4 trillion. republicans say that's not good enough. they are holding out for cuts to programs like social security. congressional leaders warn lawmakers not to make holiday travel plans. >> we are going to stay here right up until christmas eve throughout the time and period before the new year because we want to make sure that we resolve this in an acceptable way for the american people. >> meanwhile, fed chairman ben bernanke says the threat of the "fiscal cliff" is creating uncertainty in the economy. >> going home, guys. see you later. >> no comment from new jersey governor chris christie. but he did open up to barbara walters about his weight. he admitted that he is more than a little overweight but he says he has done thinks job well. christie says his size isn't something that would keep him from a run for the white house. it is rumored he is considering a presiden
. >>> the "fiscal cliff" is fast approaching but the stalemate in washington continues. the white house is still demanding tax hikes on the top 2% but president obama did lower the amount from 1.6 to $1.4 trillion. republicans say that's not good enough. they are holding out for cuts to programs like social security. congressional leaders warn lawmakers not to make holiday travel plans. >> we are going to stay here right up until christmas eve throughout the time and...
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cliff" fight is now fodder for political commercials known as issue ads. this one is running on cable news networks by a conservative nonprofit called crossroads. >> call president obama and tell him, it's time to show us a balanced plan. >> reporter: it is a big switch from presidential politics to full-scale lobbying. >> on the one hand it's very bizarre coming down the pike right now. on the other hand this is the nature of the finance structure we have created. >> reporter: the president is still in campaign mode. he is not looking for votes. he is looking for public support in handling the "fiscal cliff" and he still knows how to rile the crowd in detroit. >> what we shouldn't be doing is it trying to take away your rights to bargain. >> campaigning never ends. it's an innovation in the presidency in the last 30 years. it's campaigning to govern, saying when the campaign is over you hit the road and start campaigning on policy. >> reporter: how do americans feel about it? in a new poll out today, it shows that nearly twice as many americans approve of
cliff" fight is now fodder for political commercials known as issue ads. this one is running on cable news networks by a conservative nonprofit called crossroads. >> call president obama and tell him, it's time to show us a balanced plan. >> reporter: it is a big switch from presidential politics to full-scale lobbying. >> on the one hand it's very bizarre coming down the pike right now. on the other hand this is the nature of the finance structure we have created....
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. >>> the "fiscal cliff" is fast approaching but the stalemate in washington continues. the white house is still demanding tax hikes on the top 2%. president obama did lower the amount from 1.6 to $1.4 trillion. republicans say that's not good enough. they are holding out for cuts to programs like social security. >> we'll stay here right through the new year and make sure we resolve this in an acceptable way for the american people. >> the fed chair ben bernanke says just the threat of a "fiscal cliff" is already creating uncertainty in the economy. and that is not good for the stock market. >>> "fiscal cliff" negotiations though are throwing a wrench into year end tax planning, as well. >> but there are plenty of actions to take starting with changes of tax laws that expire at the and of the year. jill schlesinger, editor at large for cbsmoneywatch.com joins us now with information on tax laws that expire at the end of the year. >> good morning. >> first start with people trying to reduce their mortgage debt. >> reporter: this is really interesting because homeowners w
. >>> the "fiscal cliff" is fast approaching but the stalemate in washington continues. the white house is still demanding tax hikes on the top 2%. president obama did lower the amount from 1.6 to $1.4 trillion. republicans say that's not good enough. they are holding out for cuts to programs like social security. >> we'll stay here right through the new year and make sure we resolve this in an acceptable way for the american people. >> the fed chair ben bernanke...
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and medicare out of the fiscal cliff debate. >> don't talk about them as if they are entitlements and give aways. these are programs people have paid for over their entire working lives and have earned these programs. >> if lawmakers and the president don't find a compromise, taxes for all americans will go up and across the board spending cuts will kick in on january first. danielle nottingham, cbs news washington. >>> the former head of the international monetary fund and the maid who accuse him -- accused him of sexual assault has settled her lawsuit. it stems from a 2011 encounter. he denied he attack the woman but resigned. terms of the settlement are confidential. she still faces prostitution related charges in france. >>> tonight, the music world is mourning the death of a superstar. the body of grammy nominated singer jenni rivera was found in the wreckage of a crash near mix co. rivera and six others died -- mexico. the 43-year-old was headed back to central mexico with her interage. cbs 5 reporter len ramirez has more. >> you could hear the music blaring out as people played
and medicare out of the fiscal cliff debate. >> don't talk about them as if they are entitlements and give aways. these are programs people have paid for over their entire working lives and have earned these programs. >> if lawmakers and the president don't find a compromise, taxes for all americans will go up and across the board spending cuts will kick in on january first. danielle nottingham, cbs news washington. >>> the former head of the international monetary fund and...
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cliff. >> if you're really going to be serious about deficit reduction, it can't just be about taxes. it has to be about spending cuts, too. >>> prince william's wife catherine is out of the hospital after treatment for acute morning sickness. >> reporter: we were told from the beginning that this hospital stay would last 18 days and that's exactly what it turned out to be. >>> software developer john mcafee is no longer a fugitive, arrested in guatemala a month after his neighbor in belize was murdered. >>> the creators of cell phone technology pinpointed mcafee's location. police didn't know where he was. >> reporter: now that marijuana is legal here in washington, the state is going to start collecting taxes on it. >> "gangnam style." >> there is no one in political life funnier than alan simpson. >> mayor michael bloomberg announced that new york will hold a contest to redesign the city's pay phones. yeah. the top prize, a brand-new walkman. >> announcer: the "eye opener" at 8:00 is brought to you by the aarp. >>> i'm charlie rose with gayle king and norah o'donnell. this morning
cliff. >> if you're really going to be serious about deficit reduction, it can't just be about taxes. it has to be about spending cuts, too. >>> prince william's wife catherine is out of the hospital after treatment for acute morning sickness. >> reporter: we were told from the beginning that this hospital stay would last 18 days and that's exactly what it turned out to be. >>> software developer john mcafee is no longer a fugitive, arrested in guatemala a month...
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. >> still no face-to-face talks on that "fiscal cliff." >> there will be no deal without a compromise on taxes. >> state lawmakers fixing their cars on your dime. >> as a taxpayer, you know, it's my money going to it so it's certainly frustrating. >> oakland police fend off the feds. >> most importantly, what they avoid is a complete federal takeover, something that would be an embarrassment for the city. >> i have documentation that proves the intense corruption at all levels of the belizian government. >> busted and heading back to belize, silicon valley tycoon john mcafee is now under arrest. >> the dungeness crab season just got started and already, the boats are idle. >> from across the bay to around the world, the stories that matter on "eyewitness news this morning." captions by: caption colorado comments@captioncolorado.com >>> good morning, everyone. it's thursday, december 6. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 5:30 now on this thursday. we have some developing news in downtown san francisco. police chase ends with a car slamming into a fire hydr
. >> still no face-to-face talks on that "fiscal cliff." >> there will be no deal without a compromise on taxes. >> state lawmakers fixing their cars on your dime. >> as a taxpayer, you know, it's my money going to it so it's certainly frustrating. >> oakland police fend off the feds. >> most importantly, what they avoid is a complete federal takeover, something that would be an embarrassment for the city. >> i have documentation that proves...
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. >>> the "fiscal cliff" is fast approaching but stalemate in washington continues, the white house demanding tax hikes on the top 2%. president obama lowered the amount from 1.6 to $1.4 trillion. that's not good enough for the republicans holding out for cuts to programs like social security. congressional leaders warn lawmakers not to make holiday travel plans. they will work to the last minute. >>> it's been a busy morning for all things business. >> certainly. he has plenty of new numbers from washington and some new maps from apple and this would be jason brooks with kcbs and cbsmoneywatch.com. good morning. >> good morning. >> reporter: and we have some decent news on the economy but that's largely being overshadowed by the "fiscal cliff" talks. a lot of worries on wall street if an agreement can't be reached by the end of the year. but as far as of the economy goes, decent news especially on the job market. the labor department reporting that first time unemployment claims fell by 29,000 to 343,000 the lowest level in two months and the second lowest level of the year. it suggests hiri
. >>> the "fiscal cliff" is fast approaching but stalemate in washington continues, the white house demanding tax hikes on the top 2%. president obama lowered the amount from 1.6 to $1.4 trillion. that's not good enough for the republicans holding out for cuts to programs like social security. congressional leaders warn lawmakers not to make holiday travel plans. they will work to the last minute. >>> it's been a busy morning for all things business. >>...
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president obama and john boehner met to try to prevent the fiscal cliff, due to kick in on january 1st. the main sticking points remain raising taxings on the wealthy and cuts to entitlement programs like medicare. they are accepting that wealthy americans will get a tax hike. they have asked congress to work through the hold daybreak. >>> the federal reserve is expected to announce an expansion of the stimulus program this week. experts predict the fed will extend the program of buying $85 billion of securities each month into the new year the announcement is expected tomorrow or wednesday. >>> and a new service shows pay for college presidents continues its up ward climb. the chronicle of higher education studied data from 2010 and the median compensation rose about $400,000. that's up nearly 3%. for those of you about to go into college or starting college, may want to think of that for a career. pays pretty well. >> 400 grand, that works for me. >> no kidding that sounds good. thanks so much. >> see you guys. >>> it is 6:48, time to take a look at what's coming up a little bit late
president obama and john boehner met to try to prevent the fiscal cliff, due to kick in on january 1st. the main sticking points remain raising taxings on the wealthy and cuts to entitlement programs like medicare. they are accepting that wealthy americans will get a tax hike. they have asked congress to work through the hold daybreak. >>> the federal reserve is expected to announce an expansion of the stimulus program this week. experts predict the fed will extend the program of...
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that will continue to put pressure on house republicans to achieve a fiscal cliff deal in the coming days. speaker boehner has made it clear to the white house and his own republicans in the house he wants a deal no later than this saturday. >> major garrett, thank you. in an interview on friday, i asked general electric chairman and ceo jeff immelt for his thoughts on the looming fiscal cliff and the impact it could have on the u.s. economy. >> i'd make a couple comments. we've got to get this done now. not there are people who write and go on news shows and say we can let it lapse two weeks. that is specifically not true. we need this to get resolved now. not because because jim mcnerney will say it or jeff immelt will say it, but the millions who work for us, their lives are in flux. this is incredibly credible that we get it done now. we need revenue. everybody knows we need revenue. >> i think the president is right in asking for more revenue and therefore not extending the bush tax cuts to those with more than $250,000. >> bowles-simpson, there's not been one commission that sa
that will continue to put pressure on house republicans to achieve a fiscal cliff deal in the coming days. speaker boehner has made it clear to the white house and his own republicans in the house he wants a deal no later than this saturday. >> major garrett, thank you. in an interview on friday, i asked general electric chairman and ceo jeff immelt for his thoughts on the looming fiscal cliff and the impact it could have on the u.s. economy. >> i'd make a couple comments. we've got...
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. >>> lawmakers on capitol hill have less than four weeks to avoid the dreaded "fiscal cliff." if democrats and republicans don't reach a budget agreement by year's end, across-the-board tax hikes and budget cuts will automatically kick in. house speaker john boehner offered a republican proposal this week. but the president and democrats dismissed it because it includes no tax increase for the wealthiest americans. >> 60% of americans support asking millionaires to pay slightly more. >> there's only one person out of 307 million americans who can sign something into law, the president. >> boehner will meet with small business owners and the president speaks at a conference of corporate ceos. >>> citigroup is cutting 11,000 jobs. the bank says it's looking to cut expenses and improve efficiency resulting in $1 billion in charges. it's part of the restructuring. the company also said it plans to close branches. >> wow. >>> it is 6:21 now. we have a new multi-million dollar man. which giant signed a three-year deal with the team? >> plus, skills on and off the field. which 49er o
. >>> lawmakers on capitol hill have less than four weeks to avoid the dreaded "fiscal cliff." if democrats and republicans don't reach a budget agreement by year's end, across-the-board tax hikes and budget cuts will automatically kick in. house speaker john boehner offered a republican proposal this week. but the president and democrats dismissed it because it includes no tax increase for the wealthiest americans. >> 60% of americans support asking millionaires to pay...
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cliff? >> well, we should have done it before the election. we should not h wrap ould not h home until the problem was solved and people could see how we had actually handled it here so they would know how to vote in the election. but i've been a businessman most of my life and i know the damage from this uncertainty has already been done. you combine that with the implementation of obamacare and those taxes, i think you're already going to see some downturn in our economy because of what's been going on here. we can't fix it christmas eve and expect it all to bounce back in january. >> but, senator, you're talking about the damage that's been done. you released a statement saying this is not rocket science. with that in mind, why can't we come to terms? you know, the public is viewing the republican party very negatively. are you concerned about that? >> well, i'm not so much concerned about the parties. i think both parties have failed our country. and i know what the american public has b
cliff? >> well, we should have done it before the election. we should not h wrap ould not h home until the problem was solved and people could see how we had actually handled it here so they would know how to vote in the election. but i've been a businessman most of my life and i know the damage from this uncertainty has already been done. you combine that with the implementation of obamacare and those taxes, i think you're already going to see some downturn in our economy because of...